Independent auditor's review report
To: The shareholders and supervisory board of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.
We have reviewed the consolidated interim accounts 2022 included in the interim report of Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) based in The Hague for the period from 1 January 2022 to 30 June 2022.
Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim accounts of FMO for the period from 1 January 2022 to 30 June 2022, are not prepared, in all material respects, in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union.
The consolidated interim accounts comprise:
The condensed consolidated balance sheet as at 30 June 2022
The following condensed consolidated statements for the period from 1 January 2022 to 30 June 2022: the condensed profit and loss account, the condensed consolidated statement of comprehensive income, changes in shareholders’ equity and cash flows
The notes to the consolidated interim accounts, comprising a summary of the significant accounting policies and other explanatory information
Basis for our conclusion
We conducted our review in accordance with Dutch law, including the Dutch Standard 2410, “Het beoordelen van tussentijdse financiële informatie door de accountant van de entiteit” (Review of interim financial information performed by the independent auditor of the entity). A review of interim financial information in accordance with the Dutch Standard 2410 is a limited assurance engagement. Our responsibilities under this standard are further described in the Our responsibilities for the review of the condensed interim financial information section of our report.
We are independent of FMO in accordance with the Verordening inzake de onafhankelijkheid van accountants bij assurance-opdrachten (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the Verordening gedrags- en beroepsregels accountants (VGBA, Dutch Code of Ethics).
We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Responsibilities of management and the supervisory board for the consolidated interim accounts
Management is responsible for the preparation and presentation of the consolidated interim accounts in accordance with IAS 34, “Interim Financial Reporting” as adopted by the European Union.
Furthermore, management is responsible for such internal control as it determines is necessary to enable the preparation of the condensed interim financial information that is free from material misstatement, whether due to fraud or error. The supervisory board is responsible for overseeing FMO’s financial reporting process.
Our responsibilities for the review of the consolidated interim accounts
Our responsibility is to plan and perform the review in a manner that allows us to obtain sufficient and appropriate assurance evidence for our conclusion.
The level of assurance obtained in a review engagement is substantially less than the level of assurance obtained in an audit conducted in accordance with the Dutch Standards on Auditing. Accordingly, we do not express an audit opinion.
We have exercised professional judgement and have maintained professional skepticism throughout the review, in accordance with Dutch Standard 2410. Our review included among others:
Updating our understanding of FMO and its environment, including its internal control, and the applicable financial reporting framework, in order to identify areas in the condensed interim financial information where material misstatements are likely to arise due to fraud or error, designing and performing analytical and other review procedures to address those areas, and obtaining assurance evidence that is sufficient and appropriate to provide a basis for our conclusion
Obtaining an understanding of internal control as it relates to the preparation of interim financial information
Making inquiries of management and others within FMO
Applying analytical procedures with respect to information included in the condensed interim financial information
Obtaining assurance evidence that the consolidated interim accounts agree with, or reconcile to, FMO’s underlying accounting records
Evaluating the assurance evidence obtained
Considering whether there have been any changes in accounting principles or in the methods of applying them and whether any new transactions have necessitated the application of a new accounting principle
Considering whether management has identified all events that may require adjustment to or disclosure in the condensed interim financial information
Considering whether the consolidated interim accounts have been prepared in accordance with the applicable financial reporting framework and represents the underlying transactions free from material misstatement.
Amsterdam, 11 August 2022
Ernst & Young Accountants LLP
Signed by J.G. Kolsters